ICE Futures Canada and ICE Clear Canada are regulated by The Manitoba Securities Commission (MSC) pursuant to the provisions of The Commodity Futures Act (Manitoba).
In Canada, the regulation of the securities industry is a provincial responsibility. Each province enacts legislation under which the securities and the futures industries operate. Provincial and territorial securities commissions coordinate their activities through a national organization, the Canadian Securities Administrators.
As part of the Canadian securities and futures industry, ICE Clear Canada operates under the jurisdiction of various regulators. All ICE Clear Canada's Rules, Operational Manual and By-law amendments are submitted to the Manitoba Securities Commission. Futures Commission Merchant Participants are regulated by both recognized SROs, including the Exchange, the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund, and by provincial securities commissions.
The Canadian Investor Protection Fund plays a valuable role in the Canadian regulatory framework, contributing to the security and confidence of customers of IIROC Dealer Members by maintaining adequate sources of funds to return assets to eligible customers in cases where a Dealer Member becomes insolvent.
The following details the size and composition of the financial resource package available in the event of an ICE Clear Canada clearing participant default.
- ICE Clear Canada’s current initial margin on deposit is CDN $161,787,202
- In the event of a default, only the margin of the defaulting clearing participant and, if applicable and subject to ICE Clear Canada’s default waterfall, margin held in the defaulting clearing participant’s customer account (if applicable, and subject to segregation requirements), may be used for default management.
- In the event the resources of a defaulting clearing member are insufficient to cure the default, the below financial resources are available to ICE Clear Canada.
ICE Clear Canada Corporation Priority Contribution
Clearing Participant required Guaranty Fund Contributions
Minimum total Assets Available
- ICE Clear Canada’s financial resources additionally include assessment powers as detailed in ICE Clear Canada Rules.
- The above listed Initial Margin amount represents the Cdn. Dollar value on deposit, including excess collateral, after any applicable haircuts.
- The above listed Guaranty Fund amount represents the required amount and does not include any excess collateral posted.
- All figures above are current as of March 31, 2018.